In a landmark verdict, the French bank BNP Paribas has been directed to compensate three Sudanese plaintiffs with more than $20 million amid serious accusations of aiding human rights atrocities.
BNP Paribas Shares Plunge After U.S. Jury Links Bank to Sudan Genocide
Shares of French banking giant BNP Paribas slumped by as much as 10% after a U.S. federal jury ruled that the bank had aided Sudan’s government in committing genocide by facilitating financial transactions that breached American sanctions. The verdict has raised concerns over potential future legal claims and financial exposure.
The Manhattan jury on Friday directed the bank to pay $20.5 million in damages to three Sudanese plaintiffs, who alleged severe human rights violations under the regime of former Sudanese President Omar al-Bashir.
BNP Paribas, headquartered in Paris, has announced plans to appeal, saying the decision “ignored crucial evidence the bank was not allowed to present.”
Traders and analysts noted that uncertainty over additional lawsuits or penalties will likely continue to pressure the bank’s stock, which closed down 8.7%, marking its sharpest one-day fall since March 2023.
Lawyers representing the plaintiffs said the ruling could pave the way for over 20,000 Sudanese refugees in the U.S. to file similar claims seeking billions of dollars in damages. However, BNP Paribas maintained that the verdict “applies only to these three individuals” and warned against “speculative extrapolation or settlement assumptions.”
Analysts at RBC Capital Markets cautioned that lingering doubts about the bank’s legal and financial outlook could continue to weigh on investor confidence.
Notably, BNP Paribas had earlier, in 2014, admitted guilt and paid a record $8.97 billion fine for violating U.S. sanctions related to Sudan, Iran, and Cuba, a case that also triggered a significant share decline at the time.
